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Commerzbank: UBS still a buyer, confirms TP
(CercleFinance.com) - UBS confirms its buy rating on the stock, with a target price of E16.
3, following the German bank's Q3 2023 results. The analyst highlights the good results with limited repercussions compared to consensus. "The focus is on the strategy update today". "CBK reported Q3 23 pre-tax profit of EUR1,109mn, 15% above consensus. Total revenues came in 3% above consensus. Total costs were 1% higher as well. Pre-provision operating profit was 15% above consensus," UBS says. Commerzbank estimates that by 2027, the group's net profit will reach E3.4bn, with a RoTE of over 11%, and finally an improved cost/income ratio of around 55%. Copyright (c) 2023 CercleFinance.com. All rights reserved. |
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